01.18.2013 | Jennifer Gehrt
Wednesday night we were pleased to attend the MIT Enterprise Forum Northwest event focused on Big Data in downtown Seattle.
We were particularly excited to be there because we helped secure a slot on the panel of experts for Brian Lent, Chairman, CTO & co-founder at Medio. If you are a regular follower of our blog, or follow the Big Data and predictive analytics landscape, you may know Medio as a company committed to helping businesses optimize their customer Lifetime Values by bettering acquiring, retaining and monetizing their mobile customers.
Len Jordan, one of Madrona Venture Group’s managing partners, moderated the discussion and helped to focus it on how Big Data is evolving and used in a wide-range of applications. He kicked off the discussion by asking each of the panelists to describe a use case.
Stephen Purpura, CEO & co-founder, Context Relevant, spoke about how his company is helping its customers leverage data to learn from the past and make better decisions. Splunk’s Paul Sanford spoke about how the company is at the forefront of helping companies improve their operational intelligence from their IT data. Brian spoke to the ways in which Medio increases the lifetime value of mobile customers and described the work Medio does for several of their customers, include local favorite T-Mobile.
To this end, Brian shared an example of how T-Mobile is able to make better recommendations or route the optimal offer at the right time to people browsing T-Mobile’s portal or shopping on their mobile devices because of Medio’s technology. This activity translates to more purchases and page views, and helps Medio customers increase revenue.
The lively discussion then moved on to a variety of topics, which included:
- The opportunity for small and medium-sized businesses to leverage Big Data
- What role computer scientists are playing in connecting Big Data with better decision making
- Privacy and security issues incumbent with the collection and use of data
- How to prevent deep indexing to protect privacy and how to discern meaningful insights from the data one does collect
- The panelists’ opinions on the future uses of Big Data, which ranged from mobility to healthcare to government and science
All and all it was an interesting and valuable discussion. Whether we like it or not, businesses are collecting an unprecedented amount of data around our posts to social media, shopping habits in stores as well as from cell phones and tablets, how we drive our automobiles, how frequently we workout and much more. However, as Brian Lent concluded last night, responsible businesses can use this data to both improve their own organizations and make the world a better and more efficient place.